Integrate THORChain into Trust Wallet

Proposal Summary

THORChain is an open source decentralized liquidity protocol network that launched its mainnet on 13 April 2021. This proposal outlines a plan to integrate the THORChain Network in two phases:

1. Store, Send and Receive their RUNE in Trust Wallet
2. Support cross-chain SWAP functionality in the wallet

What is THORChain

THORChain is a decentralized cross-chain liquidity protocol based on Tendermint & Cosmos-SDK and utilizing Threshold Signature Schemes (TSS). It does not peg or wrap assets, it simply determines how to move them in response to user-actions. THORChain observes incoming user deposits to vaults, executes business logic (swap, add/remove liquidity), and processes outbound transactions. THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant. THORChain's primary objective is to be resistant to centralization and capture whilst facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe. 

Tokenomics

RUNE, the native token of THORChain, is used:

1. As a security bond by THORNodes to secure the network
2. As a liquidity asset for pools
3. The quote currency of the network
4. Collateral for synthetic assets
5. Collateral for lending (planned)
6. Collateral for a stable coin (planned)

It has extremely strong value accrual and can be valued at “3X TVL” due to the Incentive Pendulum of the network, which attempts to control security and liquidity.

Supply Distribution

A maximum of 500,000,000 RUNE were created on Binance Chain as a BEP2 asset. The following is the current breakdown of the asset:

• Public (42%): 210M RUNE
• Protocol Reserve (40%): 200M RUNE
• Team (10%): 50M RUNE
• Seed (5%): 26M RUNE
• Treasury (3%): 15M RUNE

Originally $1.5M was funded for the project via a public sale in 2019, but since then the treasury has grown to over $200M, with around $30M in liquid assets. This treasury is used to fund the protocol, ecosystem and liquidity. Team is subject to a lockup period until mainnet launched (can’t transact or liquidate RUNE) It's slated for July 2021 which will vest over a year. These allocations were necessary to motivate a team of engineers for 3 years to build very complex infrastructure. The Protocol Reserve of 200M RUNE is used to pay Node Operators and LPs for the next 10+ years. The Reserve is topped up by the system continuously by transaction fees and will never run out. 

PHASE 1: THOR.RUNE support

The first phase is to allow users to hold, send and receive THOR.RUNE tokens in the wallet:

• wallet RPC: rpc.thorchain.info
• BIP39: 931
• ChainID: thorchain

PHASE 2: Cross-chain Swaps

THORChain can be used to facilitate cross-chain swaps between supported Layer1 assets in a permission less manner. The integration should be done after:

1. THORChain has stably run at least 3 ~ 6 months without security incident
2. Pools are deeply liquid (over $10M per pool)
3. There are at least 21 THORNodes (decentralized)

The integration involves connecting to THORChain and allowing users to make SWAP transactions between assets. THORChain developers will be consulted to ensure the integration is done properly and safely.

Benefit to Trust Wallet

With this integration, Trust Wallet users will be allowed to access decentralized, permissionless cross-chain swaps directly from their wallets and never need to deposit into exchanges or leave the wallet. In addition, the integration may also add Affiliate Fees on each swap (5-10 basis points) which could be used to buy and hold TWT tokens off the pool into a Decentralized Treasury for the community. This means that Swap Activity translates into long-term funding for the Trust Wallet community.

Project Stats

Token Circulating Supply: 230M Token

Max Supply: 500,000,000 RUNE

Token Purpose: Security, Liquidity, Collateral, Consensus Mechanism, Proof of Bond

Exchanges: Binance, FTX, BEPSwap, ASGARDEX

Trading Volume: $200M

Number of Holders: 20k

TVL: $650M

Ranking: Top 10 DeFi Coin on CMC and CoinGecko

Useful Links:

Websites:

• thorchain.org
• thorchain.com

Explorers:

• thorchain.net
• thorchain.network
• viewblock.io/thorchain
• thorchain.delphidigital.io/thorchain/chaosnet

Interfaces:

• thorswap.finance
• asgard.exchange
• decentralfi.io
• shapeshift.com